Security & Privacy

Risk Register

Also known as: risk log, risk tracker, risk and issue register, project risk register

A risk register (also called a risk log) is a structured document used to identify, assess, track, and manage risks across a project, system, or organization.

Each entry records what the risk is, what might cause it, the likelihood of it occurring, the potential impact if it does, who owns it, what action has been taken to mitigate or accept it, and the current residual risk level. A risk register is a living document: it is reviewed regularly and updated as risks change, new risks emerge, and mitigation actions are completed.

Risk Register, explained at three levels

At home

A risk register is a list of things that could go wrong, organized so that the most serious risks get the most attention. Each entry says what might happen, how likely it is, how bad it would be, who is responsible for dealing with it, and what is being done about it. Project managers use them to track project risks; security teams use them for security risks; organizations use them for business risks. Reviewing the register regularly stops risks from falling through the cracks.

At work

A risk register gives your team a single place to track all identified risks so that nothing is forgotten and ownership is clear. It is the output of your risk assessment process and the input to your risk treatment decisions: whether to mitigate (reduce the risk), accept (live with it), transfer (insure or outsource), or avoid (stop the activity). The register should be reviewed at regular intervals (weekly for active projects, monthly or quarterly for operational programs) and updated whenever the risk environment changes.

Real-world examples

At home

Carlos was renovating his house and created a simple risk register in a spreadsheet. He listed risks like 'contractor goes over budget', 'materials delayed', and 'building permit refused', rated each by likelihood and impact, and noted what he would do if each one happened. When materials were delayed by two weeks, the entry already had a contingency plan: order from a local supplier at slightly higher cost.

At work

The project manager at Brightfield Bank maintained a risk register for a core banking system migration. At the weekly risk review meeting, the team updated the likelihood score for 'data migration validation fails' from Medium to High after a test migration showed a 3% error rate. The risk owner was tasked with commissioning an additional data quality audit before the next migration phase.

How it compares

FeatureRisk RegisterIssue Log
What it tracksPotential future problems that may or may not occurProblems that have already occurred and need resolution
TimingForward-looking and proactiveReactive: present-tense problems
Status optionsOpen, monitored, accepted, mitigated, transferred, closedOpen, in progress, resolved, closed
OwnerRisk owner (accountable for monitoring and response)Issue owner (accountable for resolution)
When createdRisk assessment during planning or ongoing reviewAs issues arise during execution or operations

A risk register tracks what might go wrong; an issue log tracks what has gone wrong. A risk that materializes is typically closed in the risk register and opened as an issue in the issue log. Both are living documents reviewed regularly.

For analysts

The risk register is a core BA artefact in any project with significant uncertainty or compliance obligations. BAs contribute to it by identifying risks during requirements elicitation: stakeholders often know what might go wrong and articulate risks naturally in conversations about requirements. When facilitating risk workshops, use categories (technical, operational, regulatory, people, schedule, third-party) to prompt comprehensive identification. Useful practice: link each risk to the requirement or user story it affects, so that if the risk materializes the impact on scope is immediately clear. For ISO 27001 programs, the BA can map each identified risk to the relevant Annex A control being proposed to treat it.

History & origin

Formal risk registers emerged from project management and financial risk practices in the 1980s and 1990s. The UK government's PRINCE project management method (1989), relaunched as PRINCE2 in 1996, made a formal risk log a standard project artefact. ISO 31000 (Risk Management: Guidelines, first published 2009) standardized risk management principles internationally and implicitly required a mechanism like a risk register for tracking identified risks. ISO 27001 requires documented risk assessment results and a risk treatment plan as part of its Information Security Management System, which most organizations keep as a risk register. Today, risk registers are standard artefacts in project management, enterprise risk management, IT security, business continuity, and regulatory compliance.